Frequently Asked Questions
Based on comparable recent sales and our extensive experience, as well as any other relevant factors such as competing offers, we will recommend an offer price that will protect your best interests and give you your best chance to get your dream property.
In some cases, the sellers might already have commissioned a recent home inspection by a reputable home inspector to save you the trouble! It is also possible to purchase a property conditional on a subsequent home inspection. We will help you determine on a case by case basis whether an inspection is recommended.
What happens to my deposit while I await closing?
A condition inserted into the offer means that the contract will not be firm and binding until certain things are fulfilled or waived (i.e. you getting financing from the bank, or your lawyer reviewing status certificate documents in the case of a condo) Conditional offers are considered weaker than firm offers, and may harm your chances of getting your dream property - we will discuss your best options with you.
Most closings are from 30-60 days from the date of acceptance of the offer, however this can vary based on buyer & seller needs and other practical concerns. Our systems help ensure a smooth closing for you whether it's a leisurely wait to move in or a quick closing! imports its information from the Toronto Real Estate Board, and there can be a time lag of up to 3 days. In addition, it often takes a brokerage a couple of days to report a property as sold, depending on administration. For the inside scoop on whether a property is really still on the market, please contact us.
A Buyer Representative does a lot more for you than just open up a house! In our consultative role, we listen carefully to your deepest needs & values so we will know how best to help you find the best property. We negotiate with your best interests in mind, acting as an intermediary between you and the seller & insulating you from costly mistakes. Finally we handle the (literally hundreds!) of transactional details so that you don't have to.
Yes! The Buyer Representative is typically compensated by the listing agent for the property once a purchase has been made, so we act on contingency when working for you.
Yes. Though the Agreement of Purchase & Sale and related documents may be standard, and of course we will explain all of their ramifications, your lawyer will need to search title for the property to ensure it is free from encumbrances. They also provide many more important services. If you do not have a real estate lawyer please contact us so we can recommend one to you.
Offer deposits are generally 5% of the offer price, rounded up. Getting a certified cheque or bank draft for this amount can make a great difference to sellers, especially in a multiple offer situation - you will be seen to be prepared, confident and serious about buying the property.
A Comparative Market Analysis is a comprehensive report we provide to clients who are thinking about selling, detailing the recent area market activity using the most up to date statistics. It provides the basis for an accurate suggested listing price designed to sell your home for the best price the market will bear.
Access via lockbox is certainly the industry standard and allows prospective buyers to easily see your home. The code to your lockbox is only released by our office to real estate agents and skilled professionals we have worked with for a long time (i.e. home inspectors, photographers etc.) to minimize any risk to you. Prospective buyers are always accompanied by their agents and do not have direct access to your home!
Many factors come into play during the negotiations of offers. We will look at the pros & cons of each offer together so you have all the facts to make an informed decision. A certified cheque is not mandatory, so there will be situations where you'll need to choose between a personal cheque and a certified one. That's when other factors like price, closing date & conditions will need to be weighed against deposit issues!
As part of my thorough consultation with you, I'll recommend certain repairs, fixes and renovations that would make your home more saleable, as well as common-sense prep such as de-cluttering and cleaning. However, we rarely recommend professional staging - it just doesn't seem necessary in most cases, with the possible exception of some estate or income property sales. We do have a list of recommended stagers that we can provide if you are interested in hiring a stager for your home!
Pre-sale home inspections are becoming more and more common and they help prevent the sale of your home ultimately being conditional on the buyer obtaining his or her own inspection. Basically, you hire an experienced professional home inspector to inspect your home and provide a detailed summary of its condition, including all major interior & exterior systems. The cost to you is about $400 and the inspection is now available to all prospective buyers, affording them great knowledge & peace of mind as there will be no unpleasant secrets after they purchase it!
Absolutely. Agents are subject to the Real Estate Council of Ontario's Code of Ethics designed for your protection, among other rules and regulations. To help further safeguard your home, we will ask you for the showing instructions that are important to you - such as 'please remove your shoes' or 'don't let the cat out' and these will be sent to every agent showing your home, and we will place the appropriate signage at the house as a reminder to those showing, to ensure your home's systems are kept as you'd like them.
In my free expert home evaluation, I'll take several factors into account such as comparable sales in the neighbourhood, similar available & sold properties, and your home's distinctive features to arrive at an opinion of value supported by data and my knowledge of your neighbourhood. Together we'll decide on a price in this range of values that will give your home a competitive edge.
And you never will! Our business is referral based so we don't have to advertise - we spend the majority of our time & resources serving existing clients, not looking for new business. When selling your home, the advertising focus in our extensive print and internet marketing plan is YOUR HOME, not getting our brand out there. This marketing strategy has made us among the top YRB realtors in Toronto for two years running and it works, for you and for us.
While this varies from building to building, an average ballpark figure is $20,000 - $40,000 for downtown condominiums. If a parking space is not included with your condo unit, you might have the option to purchase or rent one of these spaces separately.
The Status Certificate & Related Documents is a document available through the building property manager's office, which is frequently updated & contains information on the building's reserve fund, fees, condo board & structure. This document ought to be examined by a lawyer prior to purchasing a condo unit.
With newly constructed condos, there is an occupancy date at which time you will be charged occupancy fees, whether you have moved into the unit yet or not. It is the time at which the condo is deemed to be completed, though all your finishes may not yet be complete. When the building is fully registered and has closed, the suite is legally completely yours to occupy or dispose of as you please.
When owning a condo unit, you are said to own the unit itself. Common elements include such things as building amenities (gym, sauna, party rooms etc.) and the hallways, elevators and the like - anything that will be shared by unit owners for common use.
Owned parking means that you are purchasing a parking space along with or separate from your condo unit. It's yours to sell as you please. Exclusive use means you are assigned a parking space that's yours, and only yours, to use as long as you own your condo. Rental parking is sometimes available for units that don't come with owned or exclusive parking - inquire with the property manager!